Tag: package (Page 2 of 3)

Embraer Delivers 71 Jets in 4Q20 and 130 Total in 2020

February 12, 2021 / WIL BALDWIN

Embraer (NYSE: ERJ) delivered 71 jets in the fourth quarter of 2020, of which 28 were commercial aircraft and 43 were executive jets (23 light and 20 large), which represents a decrease of 10 aircraft in the quarter in comparison with 4Q19.The Company delivered a total of 130 jets in 2020, comprised of 44 commercial aircraft and 86 executive jets (56 light and 30 large), which represents a decrease of almost 35% compared to 2019, when 198 jets were delivered.

Although deliveries accelerated during the fourth quarter of 2020 relative to the three previous quarters, they were heavily impacted, mostly in commercial aviation, due to COVID-19 pandemic. As of December 31, the firm order backlog totaled USD 14.4 billion.

During 4Q20, Embraer Executive Jets delivered the first of the Praetor 600 fleet to Flexjet, the Praetor fleet launch customer. The business unit also announced a collaboration with Porsche to create Duet, a limited-edition Embraer Phenom 300E aircraft and Porsche 911 TurboS car pairing.

In commercial aviation, the Belarusian national air carrier Belavia took delivery of its first E195-E2 jet. Congo Airways placed a firm order for two E195-E2 jets, in addition to their existing two aircraft order for the smaller E190-E2. This new firm order was included in Embraer’s 2020 fourth quarter backlog.

Embraer Defense & Security delivered the fourth C-390 Millennium multi-mission medium airlifter to the Brazilian Air Force (FAB) in the fourth quarter. All 28 units of the aircraft ordered by FAB are equipped to perform aerial refueling missions, with the designation KC-390 Millennium. Embraer also delivered the first two modernized EMB 145 AEW&C (Airborne Early Warning and Control) aircraft, designated E-99, to FAB. Three additional E-99 aircraft will be modernized as part of the contract.

Embraer announced the completion and delivery of the first European conversion of a Legacy 450 to a Praetor 500 for an undisclosed customer. The conversion was performed at the Embraer Executive Jets Service Center at Le Bourget International Airport, in Paris, France.

The Republic of Mali Orders an Additional Airbus C295

December 2, 2020 / WIL BALDWIN

The Ministry of Defence of the Republic of Mali has placed a firm order for an additional Airbus C295 airlifter in the transport configuration. This second aircraft, to be delivered in 2021, will supplement the first C295 already in operation since December 2016 which has already accumulated 1,770 flight hours and transported more than 38,000 passengers and 900 tonnes of cargo in less than four years of operations.

This new order also includes an integrated logistics support package with spare parts for the two aircraft and training for flight crews and mechanics.

This acquisition is in response to the urgent need of the authorities of the Republic of Mali to have permanent air transport capacity within a very short timeframe, providing a vital link supporting operations and actions for the development of isolated areas in the northern regions of the country. Bernhard Brenner, Head of Marketing and Sales at Airbus Defence and Space, said: “This repeat order demonstrates the excellent capabilities and performance of our aircraft. The C295 is becoming the 21^stcentury standard tactical airlifter in Africa with 37 aircraft ordered in the region, from Algeria, Egypt and Ghana to Ivory Coast, Burkina Faso and Mali.”

F-35 Proposal Submitted To Swiss Government

November 22, 2020 / WIL BALDWIN

The U.S. government and Lockheed Martin (NYSE: LMT) submitted an F-35 proposal to the Swiss government in support of Switzerland’s New Fighter Aircraft (NFA) competition.

The F-35 proposal is a total package offering that includes up to 40 F-35A aircraft, a sustainment solution tailored to Swiss autonomy requirements, and a comprehensive training program.

The offering includes an industrial package providing Swiss industry substantial F-35 work opportunities. Should the F-35 be selected as the new fighter for Switzerland, this industrial work would take place in all Swiss regions. Swiss industry has the opportunity to compete for direct production of components for use on all F-35s produced, sustainment projects focused on supporting the Swiss Air Force and enhancing Swiss autonomy, and cyber security projects directly related to the F-35.

The offer uses the F-35 Global Support Solution for sustainment to ensure Switzerland benefits from the European F-35 economies of scale to realize lower sustainment costs for the Swiss Air Force. It also includes a six-month spares package to ensure the Swiss Air Force has the ability to conduct autonomous operations, if needed. Lockheed Martin is also offering an option for the assembly of four aircraft in Switzerland to ensure the Swiss Air Force and Swiss industry gain an understanding of how to maintain the F-35 airframe and its advanced capabilities for the life of the program.

“We are confident that our F-35 offer is the best and most affordable solution for the Swiss NFA competition,” said Greg Ulmer, F-35 Program vice president and general manager. “We are offering the only 5^th generation fighter at the cost of 4^th generation aircraft while offering Switzerland an aircraft that will protect Swiss sovereignty for decades to come.”

To date, the F-35 has been selected by 13 nations and operates from 26 bases worldwide, with nine nations operating F-35s on their home soil. There are more than 585 F-35s in service today, with more than 1,190 pilots and 9,750 maintainers trained on the aircraft.

Cash-Strapped El Al Israel Airlines Raises $148 Million

September 17, 2020 / WIL BALDWIN

TEL AVIV, Sept 16 (Reuters) – Cash-strapped El Al Israel Airlines raised $148 million in a government-mandated share offering on Wednesday that will enable it to receive a state bailout package.

In a regulatory filing in Tel Aviv, Israel’s flag carrier said it sold 753.35 million new shares at 0.671 shekels ($0.1963) each.

Its stock earlier had closed 5.6% higher at 0.774 shekel.

Demand reached 654 million shekels while El Al accepted 505 million shekels ($148 million) worth.

El Al did not give further details of the offering which took the total number of shares outstanding to above 1.2 million.

But Israeli media reported that Eli Rozenberg had obtained a controlling stake via the offering, with 44.9% of the airline’s shares. He is the son of American businessman Kenny Rozenberg, CEO of New York-based nursing home chain Centers Health Care.

Rozenberg in July had offered to funnel $75 million into the airline in return for a 44.99% stake.

An El Al spokesman said he could not immediately confirm the reports about Rozenberg’s bid.

Newspapers said the state’s overall stake would now be as much as 15.5%, while the current controlling shareholder – Knafaim Holdings – would see its stake fall to about 15%.

Israel’s Finance Ministry said it paid $34 million for its shares and that although it pledged a $150 million safety net, it was barely needed.

“The results of the offering express investors’ trust in the company’s business plan and in state aid,” it said in a statement.

El Al has been hit hard by the coronavirus outbreak and the government has for months offered to intervene to help it avoid bankruptcy.

That has included mandating a share offering and steep spending reductions to receive a $250 million loan that will be 75% backed by the government and used partly to pay back customers whose flights were cancelled.

The airline has reported losses for two years running, racked up debt to renew its fleet, and suspended flights when Israel closed its borders and furloughed most of its employees.

($1 = 3.4185 shekels) (Reporting by Rami Ayyub and Steven Scheer; Editing by Andrew Cawthorne)

Ford GT Heritage Edition Celebrate Storied 1966 Daytona Win

August 20, 2020 / WIL BALDWIN

2021 Ford GT Heritage Edition inspired by the GT40 MK II’s 1966 Daytona 24 Hour Continental race victory!

– Ford Performance unveils new Ford GT Heritage Edition inspired by the 1966 Daytona 24 Hour Continental, a stylish Frozen White with exposed carbon fiber and Race Red livery that pays homage to the 55th anniversary of the epic race where Ford achieved its first 24-hour endurance win

– Exclusive Ford GT Studio Collection offers even more exclusivity with unique and widely customizable design features in a limited-availability package for only 40 Ford GT supercars slated for production across the 2021 and 2022 model years

– New 2021 Ford GT Heritage Edition and Studio Collection are the pinnacle of Petersen Car Week, which started airing Wednesday on the Petersen Museum’s YouTube channel, which includes highlights include several virtual events featuring 25 hours of original content from manufacturers and enthusiasts, plus automotive lifestyle and auction house activities

The Ford GT is America’s only Le Mans-winning supercar, and taking this pinnacle of Ford Performance even further for 2021, Ford is revealing two new enhancements today – the first-ever Heritage Edition inspired by the original model’s first endurance win at the 1966 Daytona 24 Hour Continental race, plus an all-new Studio Collection package offers even more exclusivity and design enhancements.

“For this Heritage Edition, the Ford Performance team went deeper into the Ford GT’s race history and crafted a limited-edition model that stylistically honors the 55th anniversary of the Daytona 24 Hour endurance race that would eventually lead to our successes at Le Mans,” said Mike Severson, Ford GT program manager. “Plus, for customers who want to highlight the carbon-fiber body and functional cooling ducts that help deliver Le Mans-winning performance, the Ford GT Studio Collection offers another new way GT fans can personalize their supercars.”

The announcement of two new variants of the Ford GT were the highlights at the conclusion of 2020 Petersen Car Week, which started airing Wednesday on the museum’s YouTube channel. The virtual event featured 25 hours of original content from manufacturers and enthusiasts, along with automotive lifestyle and auction house activities.

Click the image below to watch the video!

Cathay Pacific Posts Record $1.27 Billion First Half Loss

August 12, 2020 / WIL BALDWIN

Cathay Pacific aircraft are seen parked on the tarmac at the airport, following the outbreak of the new coronavirus, in Hong Kong

SYDNEY (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd reported a record HK$9.87 billion ($1.27 billion) first-half loss and said it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic.

The figure was in line with the HK$9.9 billion forecast it had flagged last month and included HK$2.47 billion of impairment charges.

Revenue plunged 48.3% to HK$27.7 billion in the six months ended June 30 as it slashed passenger flying to a barebones schedule due to lower demand and border restrictions, though it added more cargo-only flights as freight yields rose 44.1%.

The airline, which received a $5 billion rescue package led by the Hong Kong government, has so far refrained from large-scale job cuts but has warned it is reviewing all aspects of its business model with an update expected by the fourth quarter.

“Inevitably this will involve rationalisation of future planned capacity compared to pre-crisis plans, taking into account the market outlook and cost structure at that time,” Chairman Patrick Healy said in a statement on Wednesday.

It has rearranged its aircraft order book with Airbus SE to delay deliveries, is in advanced talks with Boeing Co to do the same and has begun sending one-third of its fleet outside Hong Kong for storage in less humid conditions.

The airline said last month that it had reduced its monthly cash burn to about HK$1.5 billion from between HK$2.5 billion and HK$3 billion while maintaining a minimal flying schedule.

Cathay is expected to report a full-year loss of around HK$13.6 billion, according to the average of 13 analysts polled by Refinitiv before it released its half-year results.

The airline’s shares had surged 9.3% on Wednesday ahead of the earnings announcement, which was made while trading was suspended for the market’s lunch break.

“It is laggard buying on some traditional economy stocks,” Steven Leung, a sales director at UOB Kay Hian, said of the rise.

($1 = 7.7506 Hong Kong dollars)

(Reporting by Jamie Freed; additional reporting by Donny Kwok in Hong Kong; Editing by Himani Sarkar)

MGM Resorts Rolls Out Ultimate Work-From-Vegas Package At Bellagio And ARIA

August 7, 2020 / WIL BALDWIN

“Viva Las Office” features luxury accommodations, comfortable workspace, resort perks and air travel partnership with JSX

ARIA (pictured here) and Bellagio unveil “Viva Las Office” packages – the ultimate home-away-from-the home office experience to give employees working remotely a change of scenery.

LAS VEGAS, Aug. 6, 2020 /PRNewswire/ — As millions of employees continue to work from home for the foreseeable future, MGM Resorts International is unveiling a much-needed change of scenery with “Viva Las Office,” the ultimate home-away-from-the-home office experience at Bellagio and ARIA.

With three tiered packages, “Viva Las Office” offers elevated amenities and benefits to fit every working traveler’s needs. Whether looking for a three-, four- or five-night stay, guests can fully maximize their workdays with flexible check-in and check-out times and a dedicated Executive Assistant who will handle all reservations and experiences throughout their stay. And when it is time for a break, visitors can take advantage of a daily food and beverage credit and a discount to activities around the city including helicopter and jeep tours.

Guests who book any of the “Viva Las Office” packages also will receive special access to discounted airfare through JSX, the revolutionary hop-on jet service, providing working travelers with a seamless experience from wheels up to wheels down.

“We understand that working from home every day can become taxing and monotonous, and we are excited to offer a safe and curated experience here at Bellagio and ARIA that combines work and play,” said Atif Rafiq, President of Commercial and Growth for MGM Resorts. “These packages are designed to offer the best of both worlds. A safe, spacious work setting while still allowing guests to enjoy the amenities and experiences Las Vegas is known for through a single offering.”

“Viva Las Office” requires a three-night stay minimum with packages starting at $100 per night, including the following options:

Click the link below to read the full story!

https://finance.yahoo.com/news/mgm-resorts-rolls-ultimate-vegas-133000808.html

British Airways Plans to Sell Shares and Avoid Bailout

July 26, 2020 / WIL BALDWIN

British Airways is scrapping all its Boeing 747 jumbo jets.

It’s cutting capacity to prepare for years of weak demand for air travel.

Now Reuters sources say owner IAG has a plan to get its finances in good order too.

They say the company will probably sell shares at the end of the summer, in a bid to raise almost 2.9 billion dollars.

Though other options for raising the money are being considered.

The cash would be used to keep group airlines in business, and avoid a government bailout.

That’s in contrast with European rivals.

Air France has secured a 7 billion euro package from the French government.

Germany’s Lufthansa agreed a 9 billion euro rescue deal.

IAG has avoided any such agreement, hoping to limit state involvement in how it’s run.

It has though taken state-backed loans in the UK and Spain, where it owns Iberia.

The sources say the airline is working with banks including Goldman Sachs and Morgan Stanley on the new plan.

It’s thought an announcement could coincide with financial results due at the end of the month.

Neither the airline nor the banks would comment on the reports.

IAG shares have lost about 66% of their value this year.

On Friday (July 24) afternoon they were in the red again, down over 5%.

Click the link below to watch the video report!

https://finance.yahoo.com/video/ba-aims-sell-shares-dodge-154041288.html

Finnair Boosts Reliability of Regional Fleet with ATR Global Maintenance Agreement

May 27, 2020 / WIL BALDWIN

ATR and one of its long-standing customers, the Finnish airline Finnair, signed a 10-year Global Maintenance Agreement (GMA). Through this package, Finnair and Nordic Regional Airlines (NoRRA) – who operates Finnair’s regional ATR traffic – will benefit from a customised support from ATR, which will help the airline better anticipate maintenance costs while enhancing the dispatch reliability of its fleet of 12 ATR 72-500.

This pay-by-the-hour contract covers the repair, overhaul and pooling services of Line Replaceable Units, along with their door-to-door delivery and an on-site leased stock of spare parts. Finnair will also benefit from blades maintenance and availability, and maintenance recommendations based on ATR’s expertise to enhance aircraft reliability.

Juha Ojala, Vice President Technical Operations of Finnair, declared: “Our ATR flights form a key part of our feeder traffic to our Helsinki hub, and as a large share of our customers are transfer customers, they have strong expectations in terms of punctuality and reliability. This Global Maintenance Agreement is one step further in our relationship with ATR and ensures we benefit from the most suitable services, so that we can in turn provide our customers with a reliable and punctual travel experience.”

Stefano Bortoli, Chief Executive Officer of ATR, added: “Finnair is new to our GMA programme but they have been part of the ATR family from the very beginning, as they took delivery of their first ATR aircraft, MSN 006, in 1986. During the challenging times we are currently living, the confidence from a valued customer is the best tribute they can offer to the quality and economics of our products and services. We are looking forward to sharing our knowledge and expertise with Finnair, so that they can in turn keep on operating regional traffic in a responsible and efficient fashion.”

Economic Stabilization Fund Approves Lufthansa Package

May 27, 2020 / WIL BALDWIN

Deutsche Lufthansa AG has been informed by the Economic Stabilization Fund (WSF) of the Federal Republic of Germany that the WSF has approved the stabilization package for the company. The Executive Board also supports the package.

The package provides for stabilization measures and loans of up to EUR 9 billion.

The WSF will make silent participations of up to 5.7 billion euros in total in the assets of Deutsche Lufthansa AG. Of this amount, approximately EUR 4.7 billion is classified as equity in accordance with the provisions of the German Commercial Code (HGB) and IFRS. In this amount, the silent participation is unlimited in time and can be terminated by the company on a quarterly basis in whole or in part. In accordance with the agreed concept, the remuneration on the silent participations is 4% for the years 2020 and 2021, and rises in the following years to 9.5% in 2027.

Furthermore, the WSF will subscribe to shares by way of a capital increase in order to build up a 20% stake in the share capital of Deutsche Lufthansa AG. The subscription price will be 2.56 Euro per share, so that the cash contribution will amount to about 300 million Euro. The WSF may also increase its stake to 25% plus one share in the event of a takeover of the company.

In addition, in the event of non-payment of remuneration by the Company, a further portion of the silent participation is to be convertible into a further shareholding of 5% of the share capital at the earliest from 2024 and 2026 respectively. The second conversion option, however, only applies to the extent that the WSF has not previously increased its shareholding in connection with the above-mentioned takeover case. Conversion should also be possible for dilution protection. Subject to the full repayment of the silent participations by the company and a minimum sale price of EUR 2.56 per share plus an annual interest of 12%, the WSF undertakes, however, to sell its shareholding in full at the market price by 31 December 2023.

Finally, the stabilization measures are supplemented by a syndicated credit facility of up to EUR 3 billion with the participation of KfW and private banks with a term of three years. This facility is still subject to the approval of relevant bodies.

The expected conditions relate in particular to the waiver of future dividend payments and restrictions on management remuneration. In addition, two seats on the Supervisory Board are to be filled in agreement with the German government, one of which is to become a member of the Audit Committee. Except in the event of a takeover, the WSF undertakes not to exercise its voting rights at the Annual General Meeting in connection with the usual resolutions of ordinary Annual General Meetings.

The stabilization package still requires the final approval of the Management Board and the Supervisory Board of the company. Both bodies will come together shortly to adopt resolutions on the stabilization package. The capital measures are subject to the approval of an extraordinary general meeting.

Finally, the stabilization package is subject to the approval of the European Commission and any competition-related conditions.

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